Comparison rate calculator
A comparison rate calculator helps you work out the true cost of a loan. This will provide a single percentage figure – the interest rate, plus most fees and charges relating to a loan. This is a great tool to use when shopping around for the best loan for you, as it allows you to perform a loan comparison between lenders with greater accuracy and gives you the true cost of a loan rather than just the interest rate. Quite often people will look for the best interest rate when searching for a loan and assume that it is the only indicator of value. However, it is important to remember fees and charges that are often associated with lending facilities. Take for example Home Loan A with an interest rate of 8% p.a., and fees and charges amounting to 0.5% p.a.; versus Home Loan B with an interest rate of 8.25% p.a., and fees and charges amounting to 0.1% p.a. This leaves A with a comparison rate of 8.5% p.a. and Home Loan B with a comparison rate of 8.35% p.a. – thus B is arguably the better deal overall. Our Comparison rate calculator can help you determine the comparison rate based on the details of a loan you have already, or are considering taking on.
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